Aging business owners rely on social programs

BOOTHBAY, Maine (AP) - The Maine Small Business Coalition has released a report that shows 39 percent of the state's small-business owners are older than 55 and increasingly reliant on social programs such as social security and Medicare.

The coalition released the report, "Business is (Baby) Booming," in Boothbay on Wednesday. It was prepared by the national Main Street Alliance using Census Bureau data.

The coalition says that instead of cutting Social Security and Medicare to balance the federal budget, Congress should close tax loopholes and crack down on tax abuse to bring in more revenue.

The report says a 3 percent cut in social security benefits would hurt Maine businesses and take $109 million out of Maine's economy.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.